Financial Performance - For the six months ended June 30, 2021, revenue was approximately RMB 264.4 million, a 105.5% increase from RMB 128.9 million for the same period in 2020[9]. - Profit attributable to owners of the company for the same period was approximately RMB 11.1 million, compared to RMB 2.7 million in the prior year, representing a 311.1% increase[9]. - The total comprehensive income for the period was RMB 15.7 million, up from RMB 2.1 million in the previous year, indicating a significant growth of 646.2%[11]. - The company reported a gross profit of RMB 53.9 million, which is a 192.3% increase from RMB 18.4 million in the same period last year[11]. - Basic and diluted earnings per share attributable to owners of the company were RMB 2.77, compared to RMB 0.68 in the previous year, representing a significant increase of 308.8%[11]. - The company reported a net profit of RMB 11,090,000 for the six months ended June 30, 2021, compared to RMB 2,710,000 for the same period in 2020, representing a significant increase of 309%[13]. - The company reported a profit before tax of RMB 17,800,000 for the six months ended June 30, 2021, compared to a loss in the previous year[43]. - The net profit margin increased to 5.7% for the six months ended June 30, 2021, compared to 2.0% for the same period in 2020, driven by business expansion and improved efficiency[90]. Assets and Liabilities - Non-current assets increased to RMB 49.4 million as of June 30, 2021, compared to RMB 8.7 million at the end of 2020, reflecting a growth of 467.0%[12]. - Current assets rose to RMB 348.5 million, up from RMB 211.2 million at the end of 2020, marking a 64.9% increase[12]. - The company’s total assets less current liabilities amounted to RMB 202.2 million, up from RMB 150.7 million at the end of 2020, indicating a growth of 34.2%[12]. - The company’s total assets as of June 30, 2021, were approximately RMB 397.9 million, up from RMB 219.9 million as of December 31, 2020[93]. - As of June 30, 2021, trade payables amounted to RMB 49,892,000, a significant increase from RMB 22,232,000 as of December 31, 2020, representing a growth of 124.8%[16]. - The company’s bank balances as of June 30, 2021, amounted to approximately RMB 94,139,000, down from RMB 138,094,000 as of December 31, 2020[57]. - The company’s lease liabilities decreased to RMB 6,251,000 as of June 30, 2021, from RMB 7,114,000 as of December 31, 2020[50]. Cash Flow and Dividends - The company experienced a net cash outflow from operating activities of RMB 70,245,000 for the six months ended June 30, 2021, compared to RMB 6,210,000 for the same period in 2020, indicating a deterioration in cash flow[15]. - Cash and cash equivalents decreased to RMB 97,146,000 as of June 30, 2021, down from RMB 138,481,000 at the beginning of the period, a decline of 30%[15]. - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2021, consistent with the previous year[9]. - The company paid dividends totaling RMB 5,230,000 during the period, which included RMB 3,361,000 to shareholders and RMB 1,869,000 to non-controlling interests[13]. Acquisitions and Investments - The company acquired non-controlling interests amounting to RMB 34,788,000 during the reporting period, impacting the equity structure[13]. - The acquisition of 66.31% equity in Guangzhou Fangyuan Modern Life Service Co., Ltd. was completed on January 28, 2021, for a total consideration of RMB 68,000,000[65]. - The identifiable net assets acquired from the acquisition amounted to RMB 97,260,000, with goodwill recognized at RMB 5,528,000[67]. - The acquired company contributed approximately RMB 128,738,000 in revenue and RMB 7,867,000 in profit for the six months ended June 30, 2021[70]. - The company completed the acquisition of Guangzhou Fangheng Information Technology Co., Ltd. on July 15, 2021, for a cash consideration of RMB 4.5 million, enhancing its smart community services[72]. - The acquisition of Changsha Jiyanghong Property Management Co., Ltd. was completed for RMB 24.745 million, increasing the company's property management portfolio in Changsha, Hunan Province[73]. Operational Expenses - The company incurred employee benefit expenses of RMB 104,106,000, significantly higher than RMB 48,687,000 in the previous year[43]. - The company’s administrative expenses rose to approximately RMB 31.3 million, a 134.9% increase compared to RMB 13.3 million for the same period in 2020, primarily due to the acquisition of Fangyuan Modern Life Services[90]. - Service costs for the period were approximately RMB 210.5 million, up about 90.5% from RMB 110.5 million for the same period in 2020, mainly due to increased operational costs from the acquired businesses[87]. Share Capital and Governance - The issued share capital as of June 30, 2021, was RMB 3,403,000, reflecting an increase in the number of issued shares to 400,000,000[19]. - As of June 30, 2021, Mr. Fang and Ms. Xie each hold 216,000,000 shares, representing 54% of the company's total issued share capital[109]. - The company has complied with all provisions of the Corporate Governance Code as of June 30, 2021[118]. - There were no purchases, sales, or redemptions of the company's listed securities during the six months ending June 30, 2021[116]. - No business or interests of directors or controlling shareholders were found to directly or indirectly compete with the company's business during the six months ending June 30, 2021[120].

Financial Performance - The total revenue for the year 2020 was approximately RMB 276.7 million, an increase of about 8.0% compared to RMB 256.3 million in 2019[9]. - The company achieved a sales revenue of RMB 22.575 billion in Guangdong, a year-on-year increase of 14.3%, with residential sales revenue growing by 18.3%[9]. - Revenue from real estate agency services accounted for 98.7% of total revenue, with earnings growing approximately 8.0% to about RMB 273.0 million from RMB 252.9 million in 2019[24]. - Property research and consulting services generated revenue of approximately RMB 2.3 million, representing 0.8% of total revenue, a 58.1% increase from RMB 1.4 million in 2019[23]. - The group recorded other operating expenses of approximately RMB 21.4 million, an increase of 69.4% compared to RMB 12.7 million for the year ended December 31, 2019[36]. - The group incurred professional fees of approximately RMB 5.0 million related to its transfer from GEM to the main board, compared to RMB 4.2 million for the year ended December 31, 2019[37]. - The group's net profit margin decreased to 4.2% for the year ended December 31, 2020, down from 8.7% for the year ended December 31, 2019[42]. - The group had a cash and bank balance of approximately RMB 138.5 million as of December 31, 2020, compared to RMB 98.7 million as of December 31, 2019[38]. - The company made a charitable donation of approximately RMB 0.9 million to the Hong Kong Community Chest in 2020[169]. Market Trends and Competition - The real estate market in China showed signs of recovery in the second half of 2020, with a total growth of 7.0% in property development investment by year-end[8]. - The company faced increased competition and higher advertising and commission expenses due to the entry of new competitors in the market[14]. - The regulatory environment has tightened, with new debt financing rules aimed at ensuring sustainable growth in the real estate sector[14]. - The competitive landscape in the real estate agency business is intense, with some competitors having stronger resources and longer business relationships, potentially affecting the group's market position[57]. - The real estate market in the Greater Bay Area is expected to be influenced by macroeconomic control measures implemented by the Chinese government, which may affect property demand and pricing[55]. - The group recognizes the potential for strong recovery in the real estate market due to supportive government policies and suppressed market demand[63]. Corporate Governance - The company is committed to maintaining high standards of corporate governance through independent oversight by its directors[77]. - The board consists of a mix of executive, non-executive, and independent non-executive directors, contributing diverse experience and expertise[109]. - The company has established an audit committee to review and supervise financial reporting procedures and internal control systems[99]. - The company has a compensation committee responsible for reviewing and determining the remuneration of directors and senior management[100]. - The company has a nomination committee that reviews the board structure and provides recommendations for director appointments[101]. - The board believes that sound corporate governance practices are essential for the sustainable development of the group and the protection of shareholder interests[107]. - The company has complied with all provisions of the corporate governance code as of December 31, 2020, except for a specific provision regarding the Nomination Committee[107]. - The company has established policies to ensure timely and equal dissemination of inside information to the public[144]. Strategic Initiatives - The company focused on expanding its market share in existing markets rather than aggressively entering new ones, adding only one new city, Meizhou, in Eastern Guangdong[13]. - The company aims to further explore opportunities in other cities in the Guangdong-Hong Kong-Macao Greater Bay Area and beyond[25]. - The group plans to expand its online property referral and agency services to maintain a stable project flow and enhance its visibility among property developers[64]. - The group aims to expand its property management services to complement existing agency services, creating synergies within its business operations[64]. - The company is focused on strategic planning and general management to enhance operational efficiency and market presence[70]. Shareholder Information - The board proposed a final dividend of HKD 0.01 per share for the year ending December 31, 2020, reflecting satisfactory operational and financial performance[15]. - The company proposed a final cash dividend of HKD 0.01 per share for the year ended December 31, 2020, compared to zero in 2019, pending shareholder approval[164]. - As of December 31, 2020, major shareholders included Mansion Green Holdings Limited, which held 216,000,000 shares, representing 54% of the issued share capital[181]. - The company’s shareholding structure shows that the largest shareholders have significant control, with 54% held by Mansion Green and associated entities[182]. Human Resources - Employee benefit expenses decreased by 10.3% to approximately RMB 93.8 million, down from RMB 104.6 million in 2019, due to a reduction in total employees from 719 to 687[31]. - The company’s senior management includes individuals with extensive experience in real estate sales and marketing[92]. - The company has been actively involved in the real estate sector since its establishment, with key management personnel having significant industry experience[89]. Acquisitions and Investments - The acquisition of Guangzhou Fangyuan Modern Life Service Co., Ltd. (approximately 66.31% stake) is expected to expand the business scale and diversify the service portfolio[21]. - The company completed the acquisition of approximately 66.31% equity in Fangyuan Modern Life on January 28, 2021, making it an indirect non-wholly owned subsidiary[65]. - The financial performance of Fangyuan Modern Life and its subsidiaries will be consolidated into the group's financial statements post-acquisition[65]. Risk Management - The company conducted an internal audit to assess the effectiveness of its risk management and internal control systems, with no significant issues raised by the audit committee or board[144]. - The board believes that the company's risk management and internal control systems are adequate and effective, complying with the corporate governance code[144]. - The audit committee reviews the risk areas and assesses the feasibility and effectiveness of the risk management procedures at least once a year[141].

Financial Performance - For the six months ended June 30, 2020, the group recorded revenue of approximately RMB 128.9 million, compared to RMB 128.2 million for the same period in 2019[9]. - The profit attributable to owners of the company for the six months ended June 30, 2020, was approximately RMB 2.7 million, down from RMB 8.3 million in the same period of 2019, representing a decrease of 67.5%[9]. - Total comprehensive income for the period was RMB 2.1 million, a decrease of 75.2% from RMB 8.5 million in the same period of 2019[11]. - Basic and diluted earnings per share for the six months ended June 30, 2020, were RMB 0.68, down from RMB 2.08 in the same period of 2019[11]. - The company reported a net profit of RMB 2,710,000 for the six months ended June 30, 2020, compared to RMB 8,324,000 for the same period in 2019, representing a decrease of 67.5%[13]. - Total comprehensive income for the period was RMB 2,203,000, down from RMB 8,436,000 in the previous year, indicating a decline of 73.9%[13]. - Profit before tax for the six months ended June 30, 2020, was RMB 2,710,000, down from RMB 8,324,000 in 2019, representing a decrease of 67.5%[36]. - The net profit margin decreased to 2.0% from 6.6% in the same period in 2019, primarily due to increased advertising and listing expenses[78]. Revenue Breakdown - Revenue from major clients, specifically Fangyuan Real Estate Holdings Limited and its subsidiaries, increased to RMB 76,974,000 in 2020 from RMB 50,473,000 in 2019, reflecting a growth of 52.5%[27]. - Real estate agency service revenue for the six months ended June 30, 2020, was RMB 128,016,000, a slight increase from RMB 126,637,000 in 2019, representing a growth of 1.1%[29]. - Online property referral and agency service revenue amounted to approximately RMB 81,447,000 for the six months ended June 30, 2020, compared to RMB 73,496,000 in the same period of 2019, reflecting a growth of 10.0%[29]. - Revenue from online property referral and agency services increased by 10.8% to RMB 81.4 million for the six months ended June 30, 2020, compared to RMB 73.5 million in the same period in 2019, driven by an increase in project numbers[64]. - Real estate agency services accounted for approximately 99.3% of the group's revenue for the six months ended June 30, 2020, with revenue slightly increasing by approximately RMB 1.4 million or 1.1% to approximately RMB 128.0 million compared to the same period in 2019[61]. Assets and Liabilities - Non-current assets as of June 30, 2020, totaled RMB 10.1 million, a decrease from RMB 16.5 million as of December 31, 2019[12]. - Current assets increased to RMB 208.6 million as of June 30, 2020, compared to RMB 193.9 million as of December 31, 2019[12]. - The net current assets as of June 30, 2020, were RMB 126.5 million, slightly up from RMB 122.5 million as of December 31, 2019[12]. - Total equity attributable to owners of the company was RMB 130.3 million as of June 30, 2020, compared to RMB 128.1 million as of December 31, 2019[12]. - The company reported a significant increase in trade receivables, which rose to RMB 50.4 million as of June 30, 2020, from RMB 35.0 million as of December 31, 2019[12]. - Cash and cash equivalents decreased to RMB 90,514,000 as of June 30, 2020, from RMB 118,393,000 at the end of June 2019, a reduction of 23.5%[15]. - The total assets of the company as of June 30, 2020, were approximately RMB 218.7 million, compared to RMB 210.4 million as of December 31, 2019[80]. - The company's debt-to-equity ratio as of June 30, 2020, was 40%, slightly up from 39% as of December 31, 2019[83]. - The company had no short-term or long-term borrowings as of June 30, 2020[81]. Operational Highlights - The company experienced a net cash outflow from operating activities of RMB 6,210,000 for the first half of 2020, compared to a net inflow of RMB 9,411,000 in the same period of 2019[15]. - Total operating expenses for the six months ended June 30, 2020, were RMB 4,053,000, down from RMB 5,682,000 in 2019, a reduction of 28.6%[32]. - Employee benefit expenses decreased by 8.6% to approximately RMB 48.7 million, attributed to a reduction in total employees from over 750 to approximately 655[70]. - Advertising, promotion, and other commission expenses increased by 20.7% to approximately RMB 64.3 million, mainly due to higher commission payments related to increased revenue from online property referral and agency services[71]. - The company closed 4 new stores, reducing the total number of stores to 36 as of June 30, 2020, compared to 40 stores as of June 30, 2019[64]. Shareholder Information - As of June 30, 2020, the company had a total of 216,000,000 shares held by Mansion Green, representing 54% of the total issued share capital[92]. - The company’s major shareholders include Mr. Fang and Ms. Xie, each holding 216,000,000 shares, equivalent to 54% ownership[95]. - Ms. Rong holds 24,000,000 shares, which accounts for 6% of the total issued share capital[95]. - Mr. Yi holds 6,300,000 shares, representing 1.575% of the total issued share capital[95]. - No new share options were granted or exercised under the share option scheme as of June 30, 2020[100]. Corporate Governance - The board did not recommend the payment of any dividend for the six months ended June 30, 2020, consistent with the previous year[9]. - The board has confirmed compliance with all corporate governance codes as of June 30, 2020[101]. - There were no significant events requiring disclosure after June 30, 2020, up to the report date[104]. - The audit committee was established on October 23, 2017, and reviewed the unaudited interim results for the six months ended June 30, 2020, confirming compliance with applicable accounting standards and listing rules[107]. Market Conditions - The company is heavily reliant on the real estate market conditions in Guangzhou and the Greater Bay Area, which could significantly impact its business performance[85]. - The competitive landscape in the real estate agency business is intense, with many competitors potentially having stronger resources and established relationships[86]. - The company is subject to various regulations imposed by the Chinese government, which can affect its operations and market growth[88]. - The ongoing COVID-19 pandemic has caused temporary disruptions in operations, impacting the overall economic activity and potentially affecting the company's financial performance[89].